Financial Accounting #2

Financial Accounting #2 - Miriam Reynoso Mercy College...

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Unformatted text preview: Miriam Reynoso Mercy College Financial Accounting Assignment #2 Chapter 3 2-4 Cycle Tours Co. is a travel agency. The nine transactions recorded by Cycle Tours during February 2010, its first month of operations, are indicated in the following T accounts: ________Cash _________ ______Equipment _______ (1) 25,000 (2) 1,700 (7) 10,000 (3) 3,600 (4) 2,700 (6) 7,500 (9) 2,500 (3) 18,000 Account Debited Account Credit Transaction Type Effect____Type___Effect 1. Asset (+) Capital Stock (+) 2. Asset (-) Supplies (+) 3. Asset (+) cash (-) account payable (+) 4. Expenses (-) Operation expenses (+) 5. Asset (account receivable) (-) Service revenue (+) 6. Cash (-) Account Payable (+) 7. Asset (+) Account Receivable ( +) 8. Supplies (-) Operation expenses (+) 9. Cash (-) Dividends (+) ______Dividends________ ___Account receivables_____ (9) 2,500 (5) 13,500 (7) 10,000 _____Account Payable _____ __ _Service revenue _____ (6) 7,500 (3) 14,400 (5) 13,500 _____Supplies _____ _Capital Stock _____ (2) 1,750...
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This note was uploaded on 04/28/2011 for the course FIN 502 taught by Professor Angione during the Spring '11 term at Mercy NY.

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Financial Accounting #2 - Miriam Reynoso Mercy College...

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